BREAKING: Crypto funds saw -1.2 billion in net outflows last week, the 2nd-largest since March. This also marked the 2nd consecutive weekly decline. Bitcoin led outflows at -932 million, followed by Ethereum at -438 million. Meanwhile, Solana posted +118 million in inflows last week and +2.1 billion over the last 9 weeks. At the same time, short Bitcoin products saw +12 million in inflows, the highest since May 2025. Last week's downswing was material.(The Kobeissi Letter)